Premiums remain continuously negative: Are American retail investors finally starting to be "rational"?

Bitcoin's premium index has been negative for eight consecutive days, indicating that buying interest in the U.S. market is clearly weak. In other words: people who used to shout "ALL IN BTC" are now quietly watching.
Many people panic when they see this data, but in fact, it is a sign that market sentiment is cooling down. The most dangerous time in the crypto world is not when no one is buying, but when everyone is frantically buying. Because once even taxi drivers start discussing altcoins, a correction is often not far off.
Recently, American investors are especially like "people hurt by their ex": once passionate and impulsive, now cautious and tentative. When the ETF was approved, the whole network thought the bull market would take off immediately; but the market found that institutions are not philanthropists—they also buy high and sell low.
However, negative premiums are not necessarily a bad thing. Historically, before many major market moves, the market would first go through a phase of "nobody believes." Because true upward movement is never driven by emotion, but by the reflow of liquidity.
More importantly, the global market is no longer solely watching the U.S. The funds from Asia, the Middle East, and Latin America are rapidly entering the crypto space. Weak buying interest in the U.S. does not mean global demand has disappeared.
So, the current market may look cold, but it is actually more like the calm before the storm. The real question is not "whether there is a bull market," but how many people will dare to jump back in when the next FOMO hits. #HYPE再度领涨